@raincards was valued at $1.95B on just over $3B of annual volume. @crediblefin processed ~$1.15B over the past 12 months and trades at $14.1M, ~50x cheaper per dollar of flow. I think its easy to overlook this as another 'metaDAO raise' or when attention is shifting to more major rev-generating protocols $CRED is currently supporting, 42+ markets, 37+ currencies, with 86+ payment methods, including UPI, Pix, SEPA and ACH. ~70% of pre-raise burn spent on banking, acquirer and merchant-of-record relationships The on-chain stats: > $1.31B processed to date > ~$165M a month over the last quarter > ~$4M annualised revenue at a reported 0.2% take rate @circle and @0xPolygon are backers, and Credible is onboarding onto OwlTing's OwlPay Harbor for regulated payouts into China. IMO the rev meta explains most of the discount. $CRED holders govern the treasury and IP, but Credible's revenue funds operations with no buyback or distribution currently so the market is probably holding back on this now. I'd expect fee switch to be on when certain stability has been reached, and then the repricing should come. (Data: @artemis )